Mobile phone production in India is expected to reach Rs 1.65 lakh crore in value terms, while import is likely to slip to around 5-7 per cent by March 2019, industry body ICEA today said.
The India Cellular and Electronics Association report said the growth of mobile device manufacturing in the country has saved estimated outflow of approximately Rs 3 lakh crore in last 4 years.
"The mobile handset manufacturing nos in terms of value for 2018-19 is expected to touch Rs 1,65,000 crore and a volume turnover of 290 million during the same period. In the first two quarters itself, manufacturing is expected to cross Rs 75,000 crore and a volume of 130 million handsets," the report said.
It said that India has become the world's second largest mobile phone producer after China.
"In 2017-18 over 225 mn handsets were assembled and manufactured in India, which was approximately 80 per cent of the total market requirements. The net foreign exchange savings is estimated to be over Rs 60,000 crore," the report said.
Around 78 per cent of the total domestic requirement of mobile phones in 2014-15 were met through imports.
"Mobile Phone imports will trickle down to the insignificant level of around 5-7 per cent of the market, less than Rs 1,000 crore per month by the end of 2018-19 and that India is moving towards almost zero imports for mobile phones," ICEA Chairman and National President Pankaj Mohindroo said.
He further said that the country has witnessed significant manufacturing growth under the 'Make in India' programme during the past three years.
FIH Managing Director and ICEA founder Josh Folger said that India has emerged as the 2nd highest manufacturer of mobile phones in the world.
Source: moneycontrol.com